HANOI – Copenhagen Infrastructure Partners (CIP), a Danish developer and investment firm specialized in the energy infrastructure sector, has established cooperation with Binh Thuan Province to develop the La Gan offshore wind project off the coast of this south-central locality, with a total capacity of 3.5 GW.
CIP, on behalf of its fund, CI New Markets Fund I, together with Asiapetro and Novasia Energy, signed a Memorandum of Understanding over the project with the provincial government today, July 22.
The signing ceremony took place during the Vietnam Energy Summit 2020 High-level Forum in the presence of several Vietnamese high-ranking national and sector leaders and the industry consortium.
With an estimated capital expenditure of US$10 billion, the project is expected to create a significant income and jobs for Vietnam. A successful cooperation between CIP, Asiapetro, Novasia Energy and Binh Thuan province over this project could also serve as a precedent for attracting other foreign investors to offshore wind projects in Vietnam.
Further, it is expected to provide Vietnam with access to the most advanced and modern wind power technology and support Vietnam’s transition to a power system with a high ratio of renewable energy integration and low carbon emissions.
Through the project, CIP pledged to cooperate with local partners to make this project a showcase for the successful technology transfer and utilization of local competences, noted CIP Partner Michael Hannibal.
Kim Højlund Christensen, Ambassador of Denmark in Vietnam, stated, “Findings from the cooperation between the Danish Energy Agency and the Vietnamese Electricity and Renewable Energy Authority emphasized that Vietnam has a 160 GW offshore wind technical potential, which puts Vietnam at the forefront of the most coveted prospective offshore wind markets.”
Vietnam will need to learn from global experiences to reap the benefits of offshore wind. Denmark wishes to continue sharing its knowledge, knowhow and cutting-edge technologies with Vietnam to support this Southeast Asian nation in realizing a green transition in a cost-effective way, the official added.
CIP is a leading global investor in offshore wind and has raised over US$10 billion across several renewable energy focused funds, including the most recent CI IV, set to become the world’s largest renewable energy fund. With the CI New Markets Fund I, CIP is managing a fund specifically targeted at the fast growing major new economies and with a current strong focus on Vietnam.